51-Unit Apartment
900 Rae Dr, Minneapolis, MN 55423
For Sale
Contact for pricing
Three neighboring buildings provide studio, one-bedroom, and two-bedroom residences in a low-rise multifamily setting.
Property Size36,500 SF
Lot Size1.82 Acres
Days on Market48
Property Features for 900 Rae Dr
General Information
Standard status
Size
Total Parking Spaces
Lot size
Property subtype
Units
Unit Mix
Multifamily Units
Additional Details
Average Monthly Rent
Amenities
Long Term Ownership/Management: The property is offered for sale for the first time in 20+ years and has been under the same management for 36+ years.
Convenient Richfield Location: Positioned next to downtown Richfield with nearby restaurants, shopping, employment, entertainment and everyday services.
Richfield Lake Park Access: The property backs up to Richfield Lake Park and its roughly three-quarter-mile walking trail.
Ample On-Site Parking: Approximately 76 surface parking spaces across the 1.82-acre site.
Value Add Opportunity: With approximately 14% loss to lease or upside in rents, a savvy investor can capitalize on the ability to raise rents with strategic upgrades to unit interiors, common areas and amenities.
Building Details
Building Size
Buildings
Units
Listing Agency:
Minneapolis Office
Listed By:
Mike Jacobs · License CA #01979550
(952) 852-9718
Source:
Marcusmillichap
Added: Sep 24
Changed: Oct 26
Last Checked: Nov 10 at 5:12AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Minneapolis Office
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Investment Insights
Based on property information with market context.
This 51-unit apartment property comprises three buildings constructed in 1962 and 1963. The residences include seven studios, 32 one-bedroom units, and 12 two-bedroom units, averaging approximately 663 square feet. The combined site spans 1.82 acres and has approximately 76 surface parking spaces. Improvements include carpeting, appliances, and interior paint, along with replacement roofs on two of the three buildings.
The property is next to downtown Richfield and backs up to Richfield Lake Park. A roughly three-quarter-mile walking trail circles the lake, and nearby commercial amenities include restaurants, shopping, employment, entertainment, and everyday services. The location also connects to the broader Minneapolis–Saint Paul metro.
The property is next to downtown Richfield and backs up to Richfield Lake Park. A roughly three-quarter-mile walking trail circles the lake, and nearby commercial amenities include restaurants, shopping, employment, entertainment, and everyday services. The location also connects to the broader Minneapolis–Saint Paul metro.
Key Highlights
- 51 apartments across three buildings constructed in 1962 and 1963
- Unit mix: seven studios, 32 one‑bedroom units, and 12 two‑bedroom units
- Residences average approximately 663 square feet
Property Analytics
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Lease Details
51
Residential units
Location Intelligence
Trade Area within ½ mile
770
Businesses Nearby
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Business Placement
Demographics for 55423, MN
37,137
Population
16,792
Households
2.2
Avg Household Size
37
Median Age
44%
College-Educated
91%
High-School Grad
7.1 sq mi
ZIP Area
5,231
Density / Sq Mi
$84,102
Median Household Income
$52,890
Median Earnings
$1,334
Median Rent
$320,300
Median Home Value
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Average Price Trend$/SF for Apartment buildings in Minneapolis, MN
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Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Apartment building - Three neighboring buildings provide studio, one-bedroom, and two-bedroom residences in a low-rise multifamily setting.
Where is this apartment building located?
The property is located at 900 Rae Dr Minneapolis, MN.
What are key features of this property?
This property features: 51 apartments across three buildings constructed in 1962 and 1963; Unit mix: seven studios, 32 one‑bedroom units, and 12 two‑bedroom units; Residences average approximately 663 square feet
